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FTC purposes under revised Code s. 863 (p. 655) [There is] a (conceptually) irrational revision of the IRC section 863 sourcing rule for inventory sales … made by the 2017 Tax Cuts and Jobs Act [teh TCJA]) …. ... That is because Article XXIV(1) – taking into account the sourcing rule in Article XX1V(3) – seems to be straightforward in providing those credits. ... … [R]egarding the later-in-time rule and the oft stated view that it requires clear Congressional intent for a treaty to be overridden, consider the comments referenced above … [which] indicate a clear absence of any congressional expression of that intent …. ...

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. … [T]he majority of provinces have enacted legislation that aligns the federal and provincial foreign tax credits on US estate taxes. However, there is no specific provision in either the Ontario or British Columbia income tax act that allow for a provincial tax credit on US estate taxes (see … 2010-0379381E5 …) Absence of provincial relief re tax sparing (p. 8) Another mismatch situation can arise with respect to calculating the business-income and non-business-income tax credits when a Canadian tax treaty provides for tax sparing with a foreign country (such as Bangladesh, India. Brazil, Jamaica, Pakistan, and Nigeria). … 2016-0632711I7 … [indicates] that Ontario taxpayers are not entitled to a provincial foreign tax credit on amounts spared under the Canada-Brazil tax treaty, but the CRA has not provided commentary on the tax implications in regard to other provinces and/or other tax treaties. ...

Bal Katlai, "Simple Planning Around Outbound Loans Using Tax Incentives", Canadian Tax Highlights, Vol. 27, No. 12, December 2019, p. 9-- summary under Subsection 15(2.11) Summary Under Tax Topics- Income Tax Act- Section 15- Subsection 15(2.11) Example of Canco being able to keep a loan to its NR parent outstanding indefinitely by offsetting PLOI interest by SR&ED credits (p. 9) What if Canco is a technology corporation and can take advantage of the tax credits from scientific research and experimental development (SR & ED)… Consider a hypothetical example of a $1 million loan from Canco to Parentco, which is subject to a subsection 15(2) shareholder benefit…. ... This election will not trigger a deemed dividend and withholding tax, thus saving $150,000 of tax cost… [T]his will result in deemed interest income to Canco of $50,000 (assuming a 5 percent interest rate). … If Canco activities qualify for SR & ED expenses under section 37, Canco will be eligible for non-refundable tax credits of 15 percent at the federal level. … [T]aking advantage of SR & ED and other available business tax credits, when combined with a PLOI election, can provide a simple tax deferral on a shareholder loan. ...

[f.n. 40 … 9507845 …].... Although no renunciation of a relevant expenditure is permitted unless the PBC actually issues a share or right to a share, nothing prevents a PBC and a FTS subscriber from executing a subscription agreement before any consideration is paid to the PBC or the FTS is issued. ... [f.n. 46 … 9604945 …]. ...

Under the first alternative, the deemed amount of income received by the person whose status as a majority interest beneficiary is at issue and each other affiliated person is $300 ($100 × 3). Under the second alternative, the deemed amount of income received by the person whose status as a majority-interest beneficiary is at issue and each other affiliated person is collectively $100. … The former approach is supported by the reference in subparagraph 251.1(4)(d)(i) to the amount of income or capital of the trust that “a” person may receive as “a” beneficiary and does not refer to the amount of income or capital that “a person and all persons with whom the person is affiliated” may receive as beneficiaries. This approach is also consistent with the stated purpose of subparagraph 251.1(4)(d)(i) …. ...

François Fournier-Gendron, "Amendments to the Act: The Impact of Proposed Subsection 247(2.1) on Section 17", Canadian Tax Highlights, Vol. 27, No. 12, December 2019, p. 5-- summary under Subsection 247(2.1) Summary Under Tax Topics- Income Tax Act- Section 247- New- Subsection 247(2.1) Potential imputation of interest under s. 247(2.1) irrespective of the operation of s. 17 (p. 5) Subsection 247(2.1) will … affect the exceptions contained in section 17. … [C]ross-border short-term loans that do not meet the conditions of subsection 17(8) could now be subject to an imputation of interest based on an arm's-length rate (the CRA argued this position in… 2017-0691071C6 …but without explicit legislative support). ... This raises the possibility that an amount of interest will be included in the lender's income in addition to the recognition of a shareholder benefit for the borrower equal to the amount of the loan. … Potential anomalies where a transaction is recharacterized for s. 17 but not s. 247(2) purposes (pp. 5-6) Finally, section 17 has detailed deeming rules that are included in subsections 17(2) for indirect loans, 17(4) for loans through partnerships, 17(5) for loans through trusts, 17(6) for loans through partnerships and 17(11.2) for back-to-back loans. Subsection 247(2) … contains no such deeming rules, but it has a rule that may allow for recharacterization …. ...

Recently, the Crown's approach in Cameco … was, in essence, congruent with the “value creation” concept…. ... OECD recharacterization approach includes treating debt as equity (p. 13) [I]n the OECD’s recent [Discussion Draft on Financial Transactions released July 3, 2018] … an example is … given of a purported loan being accurately delineated as equity, chiefly because of a low likelihood of repayment within the specified term. ... Departure of new guidelines from s. 247 (p. 14) Not only do these new concepts in the 2017 Transfer Pricing Guidelines depart from the 1995 Transfer Pricing Guidelines, they also have little grounding in section 247 of the ITA or Canadian transfer pricing case law. … Further, the 2017 Transfer Pricing Guidelines' "accurate delineation" concept could cause recharacterization in a domestic Canadian transfer pricing dispute under paragraphs 247(2)(a) and (c) of the ITA in circumstances where not even the explicit mandate in the ITA's transfer pricing recharacterization rule … would do so. ...

. … A beneficiary who executes a valid disclaimer in respect of property to be received under a will is considered never to have received the property. [F.n.184 … S6-F2-C1, paragraph 1.10]. When a person executing a disclaimer receives consideration, a question can arise whether the disclaimer is valid... In the common-law provinces and territories, a release or surrender refers to an extinguishment or discharge of a right to property. … If property is disclaimed, released, or surrendered, do the executors have the power under the terms of a will to transfer the property to a spousal trust? ...

[fn 21: … 2003-0051741R3, 2004, as supplemented by… 2004-0105611R3 …] This policy was adopted when the customary amount of the “interim payments” was not substantial in the context of total project cost. ... Instead, such amounts are income as received …[fn 23 … IT-464R …quoted in … 2012-045508117]. ...